August 18, 2025 • 35 mins
From Jerry explores the real impact of rising prices, inflation, and tariffs—from simple t-shirt math to the historical bread lines of Weimar Germany. He explains how costs trickle down to consumers, why shortages fuel chaos, and how history shows us the dangers of runaway inflation. More, he offers practical advice for protecting your finances today: build an emergency fund, cut high-interest debt, and take control where you can—whether through smarter budgeting, side hustles, or planning ahead.
💬From Tee-shirts to bread Jerry gives a couple of examples to help drive home the point that inflation and tariffs can affect us in some unexpected ways.
📊 Historical Snapshot:
Here’s a striking chart showing the price of bread in Berlin during the Weimar hyperinflation:
- Dec 1918 — 0.5 marks
- Dec 1921 — 4 marks
- Dec 1922 — 163 marks
- Aug 1923 — 69,000 marks
- Oct 1923 — 1.7 billion marks
- Nov 1923 — 201 billion marks
This is what happens when inflation spirals out of control.
(Image: Bread prices in Berlin, 1918–1923)
💬 Have a question or comment? Contact Jerry here
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_02 (00:00):
The best things in life are free, but you can give
(00:26):
them
SPEAKER_00 (00:42):
Hello, hello, hello.
to money from a queerperspective and you know
recently i've been watching alot of videos on tiktok and
youtube and it's been a lot ofof people complaining about the
costs of everything risingprices and just generally how
(01:05):
expensive everything is and alot of that's just due to
regular old everyday inflationright and we know basically that
just means the cost of goods hasjust steadily increased it's
gone up right i mean what thecosts were back in the 50s, 60s,
70s, 80s are not what they aretoday, right?
(01:25):
And just prices generally creepup.
And it's due to a wide varietyof factors, right?
Just how expensive it getssometimes to produce things.
But recently, again, things havejust seemed like they've really
gotten out of control.
And it kind of reminded me of acouple situations that happened
(01:46):
in the past.
And as they say, if you don'tlearn from uh...
that past, you're doomed torepeat it.
But I'm going to give you acouple of examples and it just
helps to crystallize things whenwe're talking about inflation
and even more esoteric thingslike tariffs, which a lot of
people don't really understand.
But let's just say in my firstexample that I decided to go
(02:09):
into the t-shirt business and Ican buy three t-shirts wholesale
for$10.
And then I turn around and sellthem for 20 each.
So I've made a$50 profit, youknow, Three t-shirts, 60 bucks
minus 10, there's my net profit,right?
And again, this is a very simpleexample.
But let's say that thewholesaler, their cost of goods
(02:32):
has increased.
And instead of selling me threet-shirts for$10, now these three
t-shirts are going to cost me13.
So I in turn...
I want, if I want to keep myprofit at$50, I raise the price
of my t-shirts as well, becauseultimately I'm just passing this
along to my end consumer, whichis you.
(02:53):
So now let's say a little, alittle later on down the road
that the fabric distributor ishit with a 50% tariff on
imported goods, which he passesalong to the wholesaler.
And then he passes that along tome.
And then I in turn pass thattariff, cost, tax, however you
(03:14):
want to say it, onto mycustomers.
So then you're ending up beingthe one who's paying the tariff.
So how much are my t-shirtsafter each step?
So let's just take it through arun through the numbers and
let's just look.
So again, when I initially startmy t-shirt business, my three
t-shirts cost me 10 bucks.
(03:36):
I sell them for 20.
So three times 20 is 60.
minus the$10 that I pay to thewholesaler.
So I net 50 bucks.
So far, so good.
Then the wholesaler raises hisprices.
So let's just say that again, heraises them up to three
t-shirts,$13.
To keep my profit at$50, I knowthat if I take my cost of goods,
(04:02):
$13 plus the the amount of moneythat I need to make for whatever
reasons, right?
I want to net$50.
So that's$63, 13 plus 50, 13plus 50 is$63.
So my, uh, the new price for myt-shirts, if I take$63 and
divided by three, that's$21.
(04:23):
And my profit again is$3, uh,times or three t-shirts times$21
minus 13 cost of goods.
There's my$50.
Now let's say again that thedistributor has increased his
prices by 50%, a 50% tariff.
(04:45):
Then what happens?
So now the costs really jump,right?
So we have my$13 t-shirt that Inow have to bump up or the
wholesaler has his threet-shirts that he sells to$13 and
Now he has to multiply that byone and a half times.
That's$19 and 50 cents for thosesame three t-shirts to keep my
(05:08):
profit at$50.
Then the revenue has to be$19and 50 cents, right?
Plus the$50 that I need to make.
That means that's a total of$69and 50 cents.
So my new price per t-shirt isis$69.50 divided by three is$23
and some change.
(05:29):
Let's just say$23 and I'm goingto round it up to 17 cents.
So I've got my...
Three t-shirts times$23.17 minusthe$19.50.
So more or less, again, keeps meat$50.
So originally, again, I wasselling t-shirts for$20.
(05:50):
After the wholesaler increasedhis price, that means I had to
raise my price to$21.
And then after the 50% tariff,then my t-shirts are now selling
for$23.17.
So I could absorb these costssomewhere along the line.
The wholesaler could haveabsorbed the cost somewhere down
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the line and so could have theoriginal distributor.
But in business, no one reallydoes that or they only do it for
a limited amount of time.
They always pass those costs onand that's what happened in this
scenario.
And you can see how thisaffected the price.
Now, as the consumer, if I'mbuying a t-shirt for$20 and and
(06:34):
I can afford that, then fine.
Then when the price jumps up to$21, that's not too bad either.
And I figure, well, you know,prices go up.
Okay.
So it's just a dollar more.
So I'll buy it for$21.
Then when the tariffs hit lateron, I go back to buy some more
t-shirts and I find out that theprice has now gone from$20 to
(06:55):
$21.
And now it's$23 and 17 cents,which is an odd amount.
So I could, You know, if I'm theguy who's on the retailer side
who's selling these T-shirts tothe consumer, I may even raise
my price up to$24.
(07:17):
Now, that just depends, right?
If I feel like I can get awaywith it, if the customers are
still going to pay for it, thenI will.
But I take a chance because arepeople going to be able to
afford$24 T-shirts if Is itworth it to them?
And am I making a mistake inraising prices that high in such
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a short order?
Because who knows what thistimeframe really represents,
right?
This could be probably withinsix months.
It might be a year, but whateverit is, it just goes to show you
that.
These costs ultimately getpassed along to the consumer,
and ultimately it's the consumerwho has to decide whether they
(07:59):
can afford to continue to payfor it or they cannot.
And the thing is with theconsumer, you don't have anyone
to pass these costs along to.
You don't have anyone else to dothat.
You can go to your employer andyou can say, hey, you know, can
I get a raise?
Or maybe you'll be lucky and geta promotion.
(08:20):
That's a good way to increaseyour income and be able to
afford some of the things thatyou want, but you may not.
So in that case, you may justsimply do without, right?
Or it may become longer betweentimes that you buy these things
because where you used to buythem on a regular basis, now
it's become a more of a luxuryitem.
(08:43):
And you decide if I was buyingthem, let's just say every
month.
Now I decide to buy one everyother month.
Or again, that spacing becomesfurther and further apart.
Or it may become, I just can'tafford these at all and I'm not
going to buy any more t-shirtsfor a while until the price
comes down or I can afford it.
Here's another example in reallife terms of how some of this
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actually happened as well.
So let's say in the early 1900sin Weimar, Germany, I'm a baker
and I sell 100 loaves of bread aday to 100 people.
And I buy the exact amount ofingredients to sell my 100
loaves of bread to 100 people.
Now, let's say due to things outof my control, government
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rationing, shortages on the costof goods, I can only find enough
ingredients to make 50 loaves ofbread.
So that means, in turn, I canonly sell my 50 loaves to 50
people.
However, I still have 50 peoplewho still want bread.
And that's what begins to happenwhen I then go to open my shop
(09:50):
one day and I see that there's aline of people queued up outside
of my shop.
And they started queuing up at 4a.m.
to buy bread when I opened mydoors at 7.
So I've got now 50 peopleoutside that are ready to buy my
bread.
And I only have 50 loaves ofbread for the entire day.
(10:10):
So I could theoretically sellout, let's say, in an hour.
Not only do I have no more breadI can sell to anybody, but I
also have 50 disappointedpeople, right, who walk away
with no bread.
Now, let's just say that thishas happened to all the bakers
in town.
(10:30):
And so they're all experiencingthe same situation.
So the next time, let's say, Iopen my door or, you know, I go
to my bakery, there's 200 peoplestanding outside my bakery
waiting.
trying to buy bread for me.
So again, if I only have those50 loaves, that's going to cause
a lot of problems because again,I just simply don't have that
(10:54):
much bread to go around andneither do the other bakers in
town.
And if bread is a staple oflife, then people are really
going to be upset that theycannot buy bread.
It's just simply not available.
So again, That's a classicexample of scarcity that is
(11:15):
caused by shortages in thesupply chain.
And in economics or in history,you know, this is just simply a
supply shortage.
There just isn't enough bread inmy supply to meet the demand.
Even though people are willingand able to pay, I just don't
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have it.
You could offer me, you know, azillion dollars.
But I don't have any bread tosell you.
And again, oftentimes, too, whatthen happens is the government
will step in and they willration bread.
And instead of, you know, pricesalone determining who gets
bread, you know, for anybody wholines up first come first serve,
(11:58):
which is, you know, common.
But then when rationing takesplace, then everybody is
allocated a certain amount andthey can only buy a certain
amount.
And that's more of aquote-unquote fair distribution
of commodities or whatever goodspeople are trying to buy.
(12:20):
So there's a rationing failurethat often happens because
there's excess demand.
And because supply is cut inhalf, in my example, and the
demand far exceeds what can beprovided– again, 200 people
trying to buy– 50 loaves ofbread, not only does it create
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those, again, massively longlines and lots of frustration
that, again, people then becomesuper angry.
And in Weimar, Germany, this wasthe government prior to the Nazi
government in the 30s that tookover.
But again, in this early 1900sor 1920s, and in the early 30s,
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then prices really went up sofast due to regulation and fear
that bakeries and shops, youknow, they ended up with all
these desperate people, youknow, trying to buy whatever
they can before the next priceincrease.
So the situation then ineconomic terms, again, is a
(13:30):
shortage where you have excessdemand over supply that again,
leads to rationing and longqueues.
And so what happened is therewere, after World War I, Germany
faced these huge cripplingreparations and they had a loss
of farmland and raw materialsand the government imposed
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rationing.
Farmers often withheld grain orsold it back or sold it in the
black market.
And so bakers, like in myexample, could only bake a
fraction of what they normallyproduced.
So demand stayed high becauseeveryone still wanted bread, but
supply collapsed.
There wasn't enough wheat, flouror coal for the ovens.
And again, huge lines outside ofbakeries with people waiting
(14:14):
hours, hoping to get just asingle loaf of bread.
So the shortage of loan couldhave been, uh, uh, The shortage
alone would have been badenough.
But then the real explosion camewhen the government began
printing money to pay thesereparations and fund subsidies,
which means prices soaredastronomically.
(14:34):
So if, again, in my breadexample, prices change daily,
sometimes hourly, just to coverthe cost.
And because the prices became sohyperinflated, Customers would
literally need wheelbarrows ofMarks to buy bread or a single
(14:56):
item.
And people's psychology shifted.
They began buying breadimmediately.
if they had the money becausethey knew tomorrow it would cost
far more.
They couldn't wait a week orwhat have you to buy bread.
They had to go as soon as themoney hit their hand because
demand became frantic and itworsened the shortage.
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And rationing then also becamecompletely ineffective.
And when the government tried tocap the price of bread, the
bakers then often couldn't evenafford to produce bread at those
rates.
So supply shrank even further.
So this is, again, a textbookexample of when excess demand
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meets collapsing supply.
And it was one of the rootcauses where ordinary Germans,
they faced this during Weimar'shyperinflation crisis.
And it wasn't just a bread line,you know, because bread really
is what we're talking about interms of how people fed
themselves.
This is how hunger happens.
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And it symbolized how an economycan break down when money loses
its value and goods are scarce.
So just to put it into a littlebit more of a perspective, the
price of bread in Berlin, inGerman marks, in December of
1918 was half a mark, 0.5.
In December of 21, a loaf ofbread was four marks.
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December 1922, it was 163.
By January 1923, it was 250marks.
In March of 1923, 463.
June 1923, 1,465.
And you can see how it'sspeeding up, right?
(16:45):
In July 1925, a single loaf ofbread cost 3,465 marks.
August 1923, 69,000.
By September of 23, 1,512,000marks.
In October 1923, 1.7,430,000marks.
(17:13):
And by December of 1923, it was$201 billion.
And that's just a good exampleof just showing you how the
price of goods can just getcompletely blown out all out of
proportion.
And what happened with a lot ofpeople, because you're like, how
(17:36):
can somebody afford, you know,$2billion, 2 billion marks, you
know, for a single loaf ofbread?
I mean, where do you get thatkind of money from?
Because again, that's just anastronomical amount of money.
But what was happening was thegovernment was printing money
like crazy.
(17:56):
They were printing money fasterthan people could even spend it.
And because money then becamepractically worthless, people
were using it to line theirhouses as wallpaper, insulation.
Kids were playing with it.
It was like, you know, monopolymoney.
(18:17):
It didn't really have any valueanymore.
I mean, how do you put intoperspective...
you know,$2 billion with themarks to buy one thing, right?
That means that one mark thatyou have, it's meaningless,
right?
So they had to print theseenormous bills to give people
(18:37):
the ability, you know, to buythese things with these huge
numbers.
But again, that's when thesecurrencies, again, become
completely useless.
You know, families then, insteadof having to go, you know, buy$2
billion, go to the store, youknow, go to the bakery with$2
(18:57):
billion of marks, you know, theywould barter instead.
Their savings were wiped outbecause, again, what they had is
not what they have anymore.
And people just used, again,that money for whatever the
purpose they wanted because itjust was practically
meaningless.
So that's an example of runawayinflation.
(19:18):
And that in turn produces chaosand a loss of trust in the
money.
So if you can't even bothergoing to the bank to worry about
withdrawing money, becauseagain, if you thought you had,
you know, a thousand dollars inthe bank, that thousand dollars
was actually worth pennies.
Well, I'm using pennies in ourterms, but it just really wasn't
(19:40):
worth anything.
So what you really have to doin, as it relates to you is you,
You have to prioritize yourmoney, right?
You need to start by making surethat you're protecting yourself
by building an emergency fund.
And again, that's just a pyramidof money, a priority money.
You build at least three to sixmonths worth of living expenses
(20:01):
to fall back on.
When times get tough, you loseyour job.
You need a cash cushion.
you have it because you've beenplanning and you've been saving
and you've been working towardsmaking sure that you're not left
in the cold and that you don'tlose your house because you
can't afford to pay your rent,what have you.
Now, as I say all that, youknow, I know that in this case,
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there's a lot of things that aredifficult to do.
So what I mean by that is is alot of people feel sort of
trapped in their situationbecause they've signed a lease
or they've got a family and theyjust can't pick up and change
your situation in a heartbeat,right?
But if you're a single person oreven if you're, you know,
(20:49):
coupled up, sometimes you thenhave to make these difficult
decisions because sometimes ifyou don't have control over the
price of goods which mostly youdon't and you don't have the
ability to pass these costs onto anybody right so the only
thing you can do is take controlof your own financial situation
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so if you're single right andyou um say if i'm gonna save or
if i'm gonna pay down my debtbecause you want to you know
build up your cash cushionFirst, do you want to pay down
your debt next?
And you want to save foreverything else after that, like
retirement.
So if let's say I have somecredit card debt and let's just
(21:30):
say, you know, you got a 19%interest rate or a 25% interest
rate, 30%, whatever it is.
All I'm saying is those highinterest rates are what you're
paying to these companies forthe luxury of retirement.
buying that purse, those shoes,what have you on credit, right?
(21:54):
So in essence, if you boughtthose shoes on sale because of
those high interest rates, itate up anything you would have
ever saved on those shoes.
So you're paying these companiesmassive amounts of money.
You're just giving themessentially free money.
I mean, that interest, you canjust obviously Kiss it goodbye.
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You might as well just throwthat money that you're paying
them in the gutter or on thefire because that's about as
much as it's, you know, as muchas good as it do.
It's not doing you any good.
That's what I'm saying.
So you really have to keep yourcredit card debt, any auto loan
debt, etc., to a bare bonesminimum.
(22:38):
You don't want to borrow if youdon't have to borrow.
Now, you know, I think somefinancial advisors will say,
well, there's, you know, gooddebt, you know, like if you own
a home or there's good debt, ifyou take on student loan debt.
Hmm.
Well, I would say probably notbecause yeah, it's nice to own a
home.
Right.
And the good thing about buyinga home is that it's an asset.
(23:01):
It will, if you buy in the rightareas, you know, go up in value.
Right.
UNKNOWN (23:05):
And,
SPEAKER_00 (23:05):
That car that you buy on credit is not going to go
up in value at all.
It's going to decrease in value.
So you've just wastedessentially a lot of money on a
decreasing asset.
The best you could do is just ifyou have to buy a car on credit,
right?
You buy the car that's mostaffordable and get you the best
ride possible.
(23:26):
you know, that fits yourlifestyle.
And then you pay it off asquickly as possible.
So you don't have that debthanging over your head.
Same thing with the creditcards.
You pay those off as fast as youcan.
And you start when you'relooking at paying down your debt
with the highest interest ratesfirst, because again, that's the
largest amount of money that'sjust being thrown out the
window.
There's, you know, a lot, otherstrategies as well.
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I think I've talked about thisin the past, like the debt
snowball where you pay off thesmallest balances first, even
though maybe the interest ratesare low, but it gives you sort
of that psychological goodfeeling that, Oh, I've made some
progress and I paid one creditcredit card off.
Let's go to the next.
So you put that same amount ofmoney to the next credit card
(24:12):
and you pay that off and so onand so on.
Depends on, I mean, obviouslycards you have, et cetera, but I
mean, you get the idea.
But in the ideal situation, youpay off your highest credit card
debt first with the highestinterest rate.
And that's because, again,you're saving more money because
(24:32):
all that interest is just moneyyou're kissing goodbye.
It doesn't do you any good.
It does nothing for you.
And you're just giving thismoney to these credit card
companies so they can justbecome even wealthier than they
already are.
So...
Another round for another day.
But all I'm saying is you needto pay yourself first, build up
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that cash cushion, and pay offyour debt.
I know that's really preachy,but sometimes financial
advisors, they don't want togive you bad news, but they are
often the bearer of bad news.
And it all depends on how theydeliver it to you, right?
I mean, if a doctor's going totell you you've got cancer,
hopefully they're not just goingto come out and say, oh, tap on
(25:16):
the shoulder.
You've got incurable cancer.
So, sorry.
I mean, that's so cold.
And you really don't want to begiven bad news like that.
I mean, I won't even go into.
I've received bad news beforefrom people who were trying to
tell me, you know, someone in myfamily died in the most cold,
(25:37):
awful way possible.
I'm literally, again, tapping onthe shoulder.
That's how I found out one timesomeone died.
Anyway.
Sorry about that.
But again, what I'm saying isthat financial advisor wants to
help you.
Hopefully that financial advisorwants to deliver to you a plan
(25:58):
that is designed to help youmove through this situation.
They want to give you theinformation in the best possible
way so you don't run away fromit, but they want to give you
these cold, hard facts thatsometimes you don't want to face
yourself, but it is the reality.
With the plan, you can start totackle it.
(26:21):
And that is usually the wholeball of wax of what a financial
plan is designed to do.
It's a whole analysis of yourworld, giving you the ins and
outs, the goods, the bad ofeverything, and then a plan to
help you move forward,especially if you feel like you
cannot do it on your own.
There's lots of tools that areout there for budgeting, for
(26:41):
saving, for investing, and onand on and on.
But I think I've said this manytimes.
Seek competent advice and getsomeone who's really there in
your corner for you who can helpyou really develop a realistic
plan for you.
And they can help when thingsdon't always turn out like they
planned.
(27:02):
You can adjust, right?
And you can then maneuver yourplan accordingly.
to suit the situation.
You know, they say that a planedoesn't fly from A to B in a
straight line, right?
There's course adjustments thathappen all the time on that
route.
And that's how you have to thinkabout your financial plan as
(27:22):
well.
You're going to make coursecorrections over the course of
time.
It just doesn't flow as easilyas it does on paper.
But the fact is that you aremaking progress.
You are doing the right thingsfor yourself.
And you're preparing yourselffor the world that it's going to
throw stuff and obstacles inyour way.
And in the last podcast, Italked about procrastination.
(27:46):
That there are definitely perilsfor you ignoring things and
letting time slip through yourfingers.
So you want to take advantage ofwhat you have today.
Improve your situation to thegreatest degree.
And if you are single, like Isaid, maybe...
if you prefer living alone, youjust cannot live alone right
(28:07):
now.
So you take on a roommate, yousplit the cost of everything.
If you're coupled up, maybeagain, you guys have to decide
as soon as this lease is up,we're moving to a less expensive
place and you make all thosekinds of decisions.
A lot of us just do thatintuitively, right?
Because we're like, our paycheckis only going to go so far.
So we have to make some of thesechoices.
(28:29):
Sometimes the ones we don'tlike, um, but in favor of ones
that are going to benefit us.
So yeah, maybe we do take one ofour spare rooms and we rent it
out.
That's a huge win, right?
Sometimes we need to go get asecond job.
That's again, a possibility,especially if you have a credit
card debt and your budgetdoesn't really allow you to pay
(28:51):
more than you are.
Go get a gig, right?
Drive for Uber, DoorDash.
You pizzas, whatever it is.
You know, lots of people havesecond, third jobs.
I hear that all the time.
I knew a guy that I worked withand he started his own window
cleaning business in college.
(29:12):
And when I met him, he wasprobably in his fifties and he
He was still window cleaning,even though he had a wife, a
home, kids, a whole nine yardsand a steady job.
But he still did his windowcleaning business because he had
customers that he had a clientlist that had built up over the
(29:35):
years.
And he continued to do that.
And I think he told me he could,you know, clean windows and I
don't know, like an hour orsomething, including the
screens.
But he also branched out intoblinds as well.
And I asked him, I said, well,when you retire, you know, what
are your plans?
He's like, well, I originally, Ithought, you know, I was only
(29:55):
going to be doing windowcleaning for a short period of
time, you know, just to get methrough college, but then it
became lucrative for me and Ijust couldn't give it up.
And then over time I built, youknow, a reputation and I had a
client base and, I just foundthat it was one of those things
I actually enjoyed and I wasable to branch out and do other
things and started making memoney.
Now, something that I thoughtwould only be a side hustle, I
(30:18):
foresee myself quitting my mainjob and just doing that.
So, hey, anything can happen ifyou put your mind to it and if
that's a worthwhile activity foryou.
Lots of hobbies can turn intosomething lucrative for you.
You just don't know.
Again, my point being that youhave to do these things
sometimes despite yourunwillingness sometimes to do
(30:42):
them if you didn't have to.
I don't want to take on aroommate if I don't have to.
I don't want to take a secondjob if I don't have to.
That is all true.
But do you then face theconsequences of those decisions?
Yes, somehow, someway.
Not to again be preachy.
I hate being preachy.
(31:03):
I know this sounds preachy, butall I'm trying to say is you
need to prepare yourself becausesituations like Weimar, Germany
can happen without you havingany part in it.
The tariffs that are beingplaced on these businesses today
are astronomically high.
(31:23):
There's usually always sometariff here and there, but
usually it's more targeted andspecific.
These are just global tariffs.
All goods are being taxed atthis and very high rates.
And businesses, from what I'veread recently, they've saturated
themselves with as much tariffsas they can stomach on their
(31:44):
own.
And they are now passing andgoing to be passing this all
along to the consumers.
And like I said at the verybeginning, people are starting
to see it.
They're really starting to feelit.
And it's becoming problematicand will most likely continue to
be even more problematic.
So set yourself up in a positiveway because you need to make
(32:07):
sure that your situation is wellunder control because you can
control your situation to alarge degree, right?
You can't control what's goingto happen with your employer.
Who knows?
They're here today, gonetomorrow, right?
But if you have a windowcleaning business, right?
then you definitely have controlover that, right?
Ideally, I always say that topeople all the time too.
You know, you should beself-employed because that's one
(32:30):
of the best ways, in my opinion,that you're able to take control
of your financial future becauseyou have total control over what
you do with that business.
Anyway.
A lot of stuff that I've said toyou today.
I didn't mean to take up so muchof your time.
I appreciate you listening.
I hope you got some value fromit.
I'm going to post even a littlebit more stuff on.
(32:53):
I'm going to put it on my blog,which is new.
There's a couple of things outthere.
I need to add more to it.
My whole website and mynewsletter and my blog is all
work in progress for me.
So I'm trying to get everythingup and moving forward.
It's, a benefit to me because Ienjoy it and it's a benefit
hopefully to you because it'suseful and again maybe you find
(33:16):
a little bit of entertainmentout of it as well so that's
really my spiel for today and Iwill talk to you next time
The best things in life are free, but you can give
(00:26):
them
SPEAKER_00 (00:42):
Hello, hello, hello.
to money from a queerperspective and you know
recently i've been watching alot of videos on tiktok and
youtube and it's been a lot ofof people complaining about the
costs of everything risingprices and just generally how
(01:05):
expensive everything is and alot of that's just due to
regular old everyday inflationright and we know basically that
just means the cost of goods hasjust steadily increased it's
gone up right i mean what thecosts were back in the 50s, 60s,
70s, 80s are not what they aretoday, right?
(01:25):
And just prices generally creepup.
And it's due to a wide varietyof factors, right?
Just how expensive it getssometimes to produce things.
But recently, again, things havejust seemed like they've really
gotten out of control.
And it kind of reminded me of acouple situations that happened
(01:46):
in the past.
And as they say, if you don'tlearn from uh...
that past, you're doomed torepeat it.
But I'm going to give you acouple of examples and it just
helps to crystallize things whenwe're talking about inflation
and even more esoteric thingslike tariffs, which a lot of
people don't really understand.
But let's just say in my firstexample that I decided to go
(02:09):
into the t-shirt business and Ican buy three t-shirts wholesale
for$10.
And then I turn around and sellthem for 20 each.
So I've made a$50 profit, youknow, Three t-shirts, 60 bucks
minus 10, there's my net profit,right?
And again, this is a very simpleexample.
But let's say that thewholesaler, their cost of goods
(02:32):
has increased.
And instead of selling me threet-shirts for$10, now these three
t-shirts are going to cost me13.
So I in turn...
I want, if I want to keep myprofit at$50, I raise the price
of my t-shirts as well, becauseultimately I'm just passing this
along to my end consumer, whichis you.
(02:53):
So now let's say a little, alittle later on down the road
that the fabric distributor ishit with a 50% tariff on
imported goods, which he passesalong to the wholesaler.
And then he passes that along tome.
And then I in turn pass thattariff, cost, tax, however you
(03:14):
want to say it, onto mycustomers.
So then you're ending up beingthe one who's paying the tariff.
So how much are my t-shirtsafter each step?
So let's just take it through arun through the numbers and
let's just look.
So again, when I initially startmy t-shirt business, my three
t-shirts cost me 10 bucks.
(03:36):
I sell them for 20.
So three times 20 is 60.
minus the$10 that I pay to thewholesaler.
So I net 50 bucks.
So far, so good.
Then the wholesaler raises hisprices.
So let's just say that again, heraises them up to three
t-shirts,$13.
To keep my profit at$50, I knowthat if I take my cost of goods,
(04:02):
$13 plus the the amount of moneythat I need to make for whatever
reasons, right?
I want to net$50.
So that's$63, 13 plus 50, 13plus 50 is$63.
So my, uh, the new price for myt-shirts, if I take$63 and
divided by three, that's$21.
(04:23):
And my profit again is$3, uh,times or three t-shirts times$21
minus 13 cost of goods.
There's my$50.
Now let's say again that thedistributor has increased his
prices by 50%, a 50% tariff.
(04:45):
Then what happens?
So now the costs really jump,right?
So we have my$13 t-shirt that Inow have to bump up or the
wholesaler has his threet-shirts that he sells to$13 and
Now he has to multiply that byone and a half times.
That's$19 and 50 cents for thosesame three t-shirts to keep my
(05:08):
profit at$50.
Then the revenue has to be$19and 50 cents, right?
Plus the$50 that I need to make.
That means that's a total of$69and 50 cents.
So my new price per t-shirt isis$69.50 divided by three is$23
and some change.
(05:29):
Let's just say$23 and I'm goingto round it up to 17 cents.
So I've got my...
Three t-shirts times$23.17 minusthe$19.50.
So more or less, again, keeps meat$50.
So originally, again, I wasselling t-shirts for$20.
(05:50):
After the wholesaler increasedhis price, that means I had to
raise my price to$21.
And then after the 50% tariff,then my t-shirts are now selling
for$23.17.
So I could absorb these costssomewhere along the line.
The wholesaler could haveabsorbed the cost somewhere down
(06:11):
the line and so could have theoriginal distributor.
But in business, no one reallydoes that or they only do it for
a limited amount of time.
They always pass those costs onand that's what happened in this
scenario.
And you can see how thisaffected the price.
Now, as the consumer, if I'mbuying a t-shirt for$20 and and
(06:34):
I can afford that, then fine.
Then when the price jumps up to$21, that's not too bad either.
And I figure, well, you know,prices go up.
Okay.
So it's just a dollar more.
So I'll buy it for$21.
Then when the tariffs hit lateron, I go back to buy some more
t-shirts and I find out that theprice has now gone from$20 to
(06:55):
$21.
And now it's$23 and 17 cents,which is an odd amount.
So I could, You know, if I'm theguy who's on the retailer side
who's selling these T-shirts tothe consumer, I may even raise
my price up to$24.
(07:17):
Now, that just depends, right?
If I feel like I can get awaywith it, if the customers are
still going to pay for it, thenI will.
But I take a chance because arepeople going to be able to
afford$24 T-shirts if Is itworth it to them?
And am I making a mistake inraising prices that high in such
(07:38):
a short order?
Because who knows what thistimeframe really represents,
right?
This could be probably withinsix months.
It might be a year, but whateverit is, it just goes to show you
that.
These costs ultimately getpassed along to the consumer,
and ultimately it's the consumerwho has to decide whether they
(07:59):
can afford to continue to payfor it or they cannot.
And the thing is with theconsumer, you don't have anyone
to pass these costs along to.
You don't have anyone else to dothat.
You can go to your employer andyou can say, hey, you know, can
I get a raise?
Or maybe you'll be lucky and geta promotion.
(08:20):
That's a good way to increaseyour income and be able to
afford some of the things thatyou want, but you may not.
So in that case, you may justsimply do without, right?
Or it may become longer betweentimes that you buy these things
because where you used to buythem on a regular basis, now
it's become a more of a luxuryitem.
(08:43):
And you decide if I was buyingthem, let's just say every
month.
Now I decide to buy one everyother month.
Or again, that spacing becomesfurther and further apart.
Or it may become, I just can'tafford these at all and I'm not
going to buy any more t-shirtsfor a while until the price
comes down or I can afford it.
Here's another example in reallife terms of how some of this
(09:06):
actually happened as well.
So let's say in the early 1900sin Weimar, Germany, I'm a baker
and I sell 100 loaves of bread aday to 100 people.
And I buy the exact amount ofingredients to sell my 100
loaves of bread to 100 people.
Now, let's say due to things outof my control, government
(09:28):
rationing, shortages on the costof goods, I can only find enough
ingredients to make 50 loaves ofbread.
So that means, in turn, I canonly sell my 50 loaves to 50
people.
However, I still have 50 peoplewho still want bread.
And that's what begins to happenwhen I then go to open my shop
(09:50):
one day and I see that there's aline of people queued up outside
of my shop.
And they started queuing up at 4a.m.
to buy bread when I opened mydoors at 7.
So I've got now 50 peopleoutside that are ready to buy my
bread.
And I only have 50 loaves ofbread for the entire day.
(10:10):
So I could theoretically sellout, let's say, in an hour.
Not only do I have no more breadI can sell to anybody, but I
also have 50 disappointedpeople, right, who walk away
with no bread.
Now, let's just say that thishas happened to all the bakers
in town.
(10:30):
And so they're all experiencingthe same situation.
So the next time, let's say, Iopen my door or, you know, I go
to my bakery, there's 200 peoplestanding outside my bakery
waiting.
trying to buy bread for me.
So again, if I only have those50 loaves, that's going to cause
a lot of problems because again,I just simply don't have that
(10:54):
much bread to go around andneither do the other bakers in
town.
And if bread is a staple oflife, then people are really
going to be upset that theycannot buy bread.
It's just simply not available.
So again, That's a classicexample of scarcity that is
(11:15):
caused by shortages in thesupply chain.
And in economics or in history,you know, this is just simply a
supply shortage.
There just isn't enough bread inmy supply to meet the demand.
Even though people are willingand able to pay, I just don't
(11:35):
have it.
You could offer me, you know, azillion dollars.
But I don't have any bread tosell you.
And again, oftentimes, too, whatthen happens is the government
will step in and they willration bread.
And instead of, you know, pricesalone determining who gets
bread, you know, for anybody wholines up first come first serve,
(11:58):
which is, you know, common.
But then when rationing takesplace, then everybody is
allocated a certain amount andthey can only buy a certain
amount.
And that's more of aquote-unquote fair distribution
of commodities or whatever goodspeople are trying to buy.
(12:20):
So there's a rationing failurethat often happens because
there's excess demand.
And because supply is cut inhalf, in my example, and the
demand far exceeds what can beprovided– again, 200 people
trying to buy– 50 loaves ofbread, not only does it create
(12:40):
those, again, massively longlines and lots of frustration
that, again, people then becomesuper angry.
And in Weimar, Germany, this wasthe government prior to the Nazi
government in the 30s that tookover.
But again, in this early 1900sor 1920s, and in the early 30s,
(13:08):
then prices really went up sofast due to regulation and fear
that bakeries and shops, youknow, they ended up with all
these desperate people, youknow, trying to buy whatever
they can before the next priceincrease.
So the situation then ineconomic terms, again, is a
(13:30):
shortage where you have excessdemand over supply that again,
leads to rationing and longqueues.
And so what happened is therewere, after World War I, Germany
faced these huge cripplingreparations and they had a loss
of farmland and raw materialsand the government imposed
(13:52):
rationing.
Farmers often withheld grain orsold it back or sold it in the
black market.
And so bakers, like in myexample, could only bake a
fraction of what they normallyproduced.
So demand stayed high becauseeveryone still wanted bread, but
supply collapsed.
There wasn't enough wheat, flouror coal for the ovens.
And again, huge lines outside ofbakeries with people waiting
(14:14):
hours, hoping to get just asingle loaf of bread.
So the shortage of loan couldhave been, uh, uh, The shortage
alone would have been badenough.
But then the real explosion camewhen the government began
printing money to pay thesereparations and fund subsidies,
which means prices soaredastronomically.
(14:34):
So if, again, in my breadexample, prices change daily,
sometimes hourly, just to coverthe cost.
And because the prices became sohyperinflated, Customers would
literally need wheelbarrows ofMarks to buy bread or a single
(14:56):
item.
And people's psychology shifted.
They began buying breadimmediately.
if they had the money becausethey knew tomorrow it would cost
far more.
They couldn't wait a week orwhat have you to buy bread.
They had to go as soon as themoney hit their hand because
demand became frantic and itworsened the shortage.
(15:17):
And rationing then also becamecompletely ineffective.
And when the government tried tocap the price of bread, the
bakers then often couldn't evenafford to produce bread at those
rates.
So supply shrank even further.
So this is, again, a textbookexample of when excess demand
(15:38):
meets collapsing supply.
And it was one of the rootcauses where ordinary Germans,
they faced this during Weimar'shyperinflation crisis.
And it wasn't just a bread line,you know, because bread really
is what we're talking about interms of how people fed
themselves.
This is how hunger happens.
(15:58):
And it symbolized how an economycan break down when money loses
its value and goods are scarce.
So just to put it into a littlebit more of a perspective, the
price of bread in Berlin, inGerman marks, in December of
1918 was half a mark, 0.5.
In December of 21, a loaf ofbread was four marks.
(16:24):
December 1922, it was 163.
By January 1923, it was 250marks.
In March of 1923, 463.
June 1923, 1,465.
And you can see how it'sspeeding up, right?
(16:45):
In July 1925, a single loaf ofbread cost 3,465 marks.
August 1923, 69,000.
By September of 23, 1,512,000marks.
In October 1923, 1.7,430,000marks.
(17:13):
And by December of 1923, it was$201 billion.
And that's just a good exampleof just showing you how the
price of goods can just getcompletely blown out all out of
proportion.
And what happened with a lot ofpeople, because you're like, how
(17:36):
can somebody afford, you know,$2billion, 2 billion marks, you
know, for a single loaf ofbread?
I mean, where do you get thatkind of money from?
Because again, that's just anastronomical amount of money.
But what was happening was thegovernment was printing money
like crazy.
(17:56):
They were printing money fasterthan people could even spend it.
And because money then becamepractically worthless, people
were using it to line theirhouses as wallpaper, insulation.
Kids were playing with it.
It was like, you know, monopolymoney.
(18:17):
It didn't really have any valueanymore.
I mean, how do you put intoperspective...
you know,$2 billion with themarks to buy one thing, right?
That means that one mark thatyou have, it's meaningless,
right?
So they had to print theseenormous bills to give people
(18:37):
the ability, you know, to buythese things with these huge
numbers.
But again, that's when thesecurrencies, again, become
completely useless.
You know, families then, insteadof having to go, you know, buy$2
billion, go to the store, youknow, go to the bakery with$2
(18:57):
billion of marks, you know, theywould barter instead.
Their savings were wiped outbecause, again, what they had is
not what they have anymore.
And people just used, again,that money for whatever the
purpose they wanted because itjust was practically
meaningless.
So that's an example of runawayinflation.
(19:18):
And that in turn produces chaosand a loss of trust in the
money.
So if you can't even bothergoing to the bank to worry about
withdrawing money, becauseagain, if you thought you had,
you know, a thousand dollars inthe bank, that thousand dollars
was actually worth pennies.
Well, I'm using pennies in ourterms, but it just really wasn't
(19:40):
worth anything.
So what you really have to doin, as it relates to you is you,
You have to prioritize yourmoney, right?
You need to start by making surethat you're protecting yourself
by building an emergency fund.
And again, that's just a pyramidof money, a priority money.
You build at least three to sixmonths worth of living expenses
(20:01):
to fall back on.
When times get tough, you loseyour job.
You need a cash cushion.
you have it because you've beenplanning and you've been saving
and you've been working towardsmaking sure that you're not left
in the cold and that you don'tlose your house because you
can't afford to pay your rent,what have you.
Now, as I say all that, youknow, I know that in this case,
(20:25):
there's a lot of things that aredifficult to do.
So what I mean by that is is alot of people feel sort of
trapped in their situationbecause they've signed a lease
or they've got a family and theyjust can't pick up and change
your situation in a heartbeat,right?
But if you're a single person oreven if you're, you know,
(20:49):
coupled up, sometimes you thenhave to make these difficult
decisions because sometimes ifyou don't have control over the
price of goods which mostly youdon't and you don't have the
ability to pass these costs onto anybody right so the only
thing you can do is take controlof your own financial situation
(21:09):
so if you're single right andyou um say if i'm gonna save or
if i'm gonna pay down my debtbecause you want to you know
build up your cash cushionFirst, do you want to pay down
your debt next?
And you want to save foreverything else after that, like
retirement.
So if let's say I have somecredit card debt and let's just
(21:30):
say, you know, you got a 19%interest rate or a 25% interest
rate, 30%, whatever it is.
All I'm saying is those highinterest rates are what you're
paying to these companies forthe luxury of retirement.
buying that purse, those shoes,what have you on credit, right?
(21:54):
So in essence, if you boughtthose shoes on sale because of
those high interest rates, itate up anything you would have
ever saved on those shoes.
So you're paying these companiesmassive amounts of money.
You're just giving themessentially free money.
I mean, that interest, you canjust obviously Kiss it goodbye.
(22:17):
You might as well just throwthat money that you're paying
them in the gutter or on thefire because that's about as
much as it's, you know, as muchas good as it do.
It's not doing you any good.
That's what I'm saying.
So you really have to keep yourcredit card debt, any auto loan
debt, etc., to a bare bonesminimum.
(22:38):
You don't want to borrow if youdon't have to borrow.
Now, you know, I think somefinancial advisors will say,
well, there's, you know, gooddebt, you know, like if you own
a home or there's good debt, ifyou take on student loan debt.
Hmm.
Well, I would say probably notbecause yeah, it's nice to own a
home.
Right.
And the good thing about buyinga home is that it's an asset.
(23:01):
It will, if you buy in the rightareas, you know, go up in value.
Right.
UNKNOWN (23:05):
And,
SPEAKER_00 (23:05):
That car that you buy on credit is not going to go
up in value at all.
It's going to decrease in value.
So you've just wastedessentially a lot of money on a
decreasing asset.
The best you could do is just ifyou have to buy a car on credit,
right?
You buy the car that's mostaffordable and get you the best
ride possible.
(23:26):
you know, that fits yourlifestyle.
And then you pay it off asquickly as possible.
So you don't have that debthanging over your head.
Same thing with the creditcards.
You pay those off as fast as youcan.
And you start when you'relooking at paying down your debt
with the highest interest ratesfirst, because again, that's the
largest amount of money that'sjust being thrown out the
window.
There's, you know, a lot, otherstrategies as well.
(23:50):
I think I've talked about thisin the past, like the debt
snowball where you pay off thesmallest balances first, even
though maybe the interest ratesare low, but it gives you sort
of that psychological goodfeeling that, Oh, I've made some
progress and I paid one creditcredit card off.
Let's go to the next.
So you put that same amount ofmoney to the next credit card
(24:12):
and you pay that off and so onand so on.
Depends on, I mean, obviouslycards you have, et cetera, but I
mean, you get the idea.
But in the ideal situation, youpay off your highest credit card
debt first with the highestinterest rate.
And that's because, again,you're saving more money because
(24:32):
all that interest is just moneyyou're kissing goodbye.
It doesn't do you any good.
It does nothing for you.
And you're just giving thismoney to these credit card
companies so they can justbecome even wealthier than they
already are.
So...
Another round for another day.
But all I'm saying is you needto pay yourself first, build up
(24:54):
that cash cushion, and pay offyour debt.
I know that's really preachy,but sometimes financial
advisors, they don't want togive you bad news, but they are
often the bearer of bad news.
And it all depends on how theydeliver it to you, right?
I mean, if a doctor's going totell you you've got cancer,
hopefully they're not just goingto come out and say, oh, tap on
(25:16):
the shoulder.
You've got incurable cancer.
So, sorry.
I mean, that's so cold.
And you really don't want to begiven bad news like that.
I mean, I won't even go into.
I've received bad news beforefrom people who were trying to
tell me, you know, someone in myfamily died in the most cold,
(25:37):
awful way possible.
I'm literally, again, tapping onthe shoulder.
That's how I found out one timesomeone died.
Anyway.
Sorry about that.
But again, what I'm saying isthat financial advisor wants to
help you.
Hopefully that financial advisorwants to deliver to you a plan
(25:58):
that is designed to help youmove through this situation.
They want to give you theinformation in the best possible
way so you don't run away fromit, but they want to give you
these cold, hard facts thatsometimes you don't want to face
yourself, but it is the reality.
With the plan, you can start totackle it.
(26:21):
And that is usually the wholeball of wax of what a financial
plan is designed to do.
It's a whole analysis of yourworld, giving you the ins and
outs, the goods, the bad ofeverything, and then a plan to
help you move forward,especially if you feel like you
cannot do it on your own.
There's lots of tools that areout there for budgeting, for
(26:41):
saving, for investing, and onand on and on.
But I think I've said this manytimes.
Seek competent advice and getsomeone who's really there in
your corner for you who can helpyou really develop a realistic
plan for you.
And they can help when thingsdon't always turn out like they
planned.
(27:02):
You can adjust, right?
And you can then maneuver yourplan accordingly.
to suit the situation.
You know, they say that a planedoesn't fly from A to B in a
straight line, right?
There's course adjustments thathappen all the time on that
route.
And that's how you have to thinkabout your financial plan as
(27:22):
well.
You're going to make coursecorrections over the course of
time.
It just doesn't flow as easilyas it does on paper.
But the fact is that you aremaking progress.
You are doing the right thingsfor yourself.
And you're preparing yourselffor the world that it's going to
throw stuff and obstacles inyour way.
And in the last podcast, Italked about procrastination.
(27:46):
That there are definitely perilsfor you ignoring things and
letting time slip through yourfingers.
So you want to take advantage ofwhat you have today.
Improve your situation to thegreatest degree.
And if you are single, like Isaid, maybe...
if you prefer living alone, youjust cannot live alone right
(28:07):
now.
So you take on a roommate, yousplit the cost of everything.
If you're coupled up, maybeagain, you guys have to decide
as soon as this lease is up,we're moving to a less expensive
place and you make all thosekinds of decisions.
A lot of us just do thatintuitively, right?
Because we're like, our paycheckis only going to go so far.
So we have to make some of thesechoices.
(28:29):
Sometimes the ones we don'tlike, um, but in favor of ones
that are going to benefit us.
So yeah, maybe we do take one ofour spare rooms and we rent it
out.
That's a huge win, right?
Sometimes we need to go get asecond job.
That's again, a possibility,especially if you have a credit
card debt and your budgetdoesn't really allow you to pay
(28:51):
more than you are.
Go get a gig, right?
Drive for Uber, DoorDash.
You pizzas, whatever it is.
You know, lots of people havesecond, third jobs.
I hear that all the time.
I knew a guy that I worked withand he started his own window
cleaning business in college.
(29:12):
And when I met him, he wasprobably in his fifties and he
He was still window cleaning,even though he had a wife, a
home, kids, a whole nine yardsand a steady job.
But he still did his windowcleaning business because he had
customers that he had a clientlist that had built up over the
(29:35):
years.
And he continued to do that.
And I think he told me he could,you know, clean windows and I
don't know, like an hour orsomething, including the
screens.
But he also branched out intoblinds as well.
And I asked him, I said, well,when you retire, you know, what
are your plans?
He's like, well, I originally, Ithought, you know, I was only
(29:55):
going to be doing windowcleaning for a short period of
time, you know, just to get methrough college, but then it
became lucrative for me and Ijust couldn't give it up.
And then over time I built, youknow, a reputation and I had a
client base and, I just foundthat it was one of those things
I actually enjoyed and I wasable to branch out and do other
things and started making memoney.
Now, something that I thoughtwould only be a side hustle, I
(30:18):
foresee myself quitting my mainjob and just doing that.
So, hey, anything can happen ifyou put your mind to it and if
that's a worthwhile activity foryou.
Lots of hobbies can turn intosomething lucrative for you.
You just don't know.
Again, my point being that youhave to do these things
sometimes despite yourunwillingness sometimes to do
(30:42):
them if you didn't have to.
I don't want to take on aroommate if I don't have to.
I don't want to take a secondjob if I don't have to.
That is all true.
But do you then face theconsequences of those decisions?
Yes, somehow, someway.
Not to again be preachy.
I hate being preachy.
(31:03):
I know this sounds preachy, butall I'm trying to say is you
need to prepare yourself becausesituations like Weimar, Germany
can happen without you havingany part in it.
The tariffs that are beingplaced on these businesses today
are astronomically high.
(31:23):
There's usually always sometariff here and there, but
usually it's more targeted andspecific.
These are just global tariffs.
All goods are being taxed atthis and very high rates.
And businesses, from what I'veread recently, they've saturated
themselves with as much tariffsas they can stomach on their
(31:44):
own.
And they are now passing andgoing to be passing this all
along to the consumers.
And like I said at the verybeginning, people are starting
to see it.
They're really starting to feelit.
And it's becoming problematicand will most likely continue to
be even more problematic.
So set yourself up in a positiveway because you need to make
(32:07):
sure that your situation is wellunder control because you can
control your situation to alarge degree, right?
You can't control what's goingto happen with your employer.
Who knows?
They're here today, gonetomorrow, right?
But if you have a windowcleaning business, right?
then you definitely have controlover that, right?
Ideally, I always say that topeople all the time too.
You know, you should beself-employed because that's one
(32:30):
of the best ways, in my opinion,that you're able to take control
of your financial future becauseyou have total control over what
you do with that business.
Anyway.
A lot of stuff that I've said toyou today.
I didn't mean to take up so muchof your time.
I appreciate you listening.
I hope you got some value fromit.
I'm going to post even a littlebit more stuff on.
(32:53):
I'm going to put it on my blog,which is new.
There's a couple of things outthere.
I need to add more to it.
My whole website and mynewsletter and my blog is all
work in progress for me.
So I'm trying to get everythingup and moving forward.
It's, a benefit to me because Ienjoy it and it's a benefit
hopefully to you because it'suseful and again maybe you find
(33:16):
a little bit of entertainmentout of it as well so that's
really my spiel for today and Iwill talk to you next time
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